Fintech overhaul: Jack Ma to relinquish control of Chinese giant Ant January 7, 2023 Ant Group’s founder Jack Ma will give up control of the Chinese fintech giant in an overhaul that seeks to draw a line under a regulatory crackdown that was triggered soon after its mammoth stock market debut was scuppered two years ago. Ant’s $37bn IPO, which would have been the world’s largest, was cancelled at the last minute in November [...]
How the Chinese New Year and covid rule changes could give a tourism boost to London’s West End January 6, 2023 London’s West End is looking forward to the return of Chinese tourists this month, after the easing of the nation’s zero-Covid policy – ahead of the Chinese New Year. China has seen a surge in Covid infections in recent months, with EU countries introducing testing requirements for travellers. Travel from and to China will be [...]
FTSE 100 Close: Standard Chartered pops after shock takeover rumours emerge January 5, 2023 London’s FTSE 100 extended its hot start to 2023 today, helped along the way by Asia-focused Standard Chartered surging after news emerged rival lender First Abu Dhabi Bank has been mulling snapping up the firm. Its shares shot up around a fifth during early exchanges in the City today, before paring back to eventually close [...]
China’s North Sea oil investments pose ‘very real risk to our security’, MPs warn January 5, 2023 MPs across influential bodies in Westminster have urged the Government to clamp down on China’s role in the North Sea.
Oil falls below $80 per barrel as global recession fears hit prices January 4, 2023 Oil prices have tumbled, shedding last month's gains in this week's trading sessions amid growing expectations of weaker demand.
Edging lower: Oil price slips and could fall further on China Covid concerns January 4, 2023 Oil prices edged lower on Wednesday after slumping in the previous session, weighed down by concerns about weak demand due to the state of the global economy and China’s rising Covid-19 cases. Brent futures for March delivery fell 43 cents to $81.67 a barrel, a 0.5% loss, by 0700 GMT. U.S. crude dropped 39 cents, [...]
Third of global economy will be in recession this year, IMF boss warns January 2, 2023 A third of the world economy will be in recession this year, according to a bleak warning from the boss of the International Monetary Fund (IMF). Although some countries will dodge recession, “it would feel like recession for hundreds of millions of people,” in those places also, Kristalina Georgieva said. The IMF managing director said [...]
Gloomy skies: London’s FTSE 100 set for a rocky start to 2023 January 1, 2023 FTSE 100 could benefit from China re-opening but global headwinds threaten The London market kicks off 2023 with a gloomy backdrop as the UK is forecasted to plunge into recession and economies globally wrestle with sky-high inflation amid the energy and cost crisis. After the extreme volatility of 2022, the FTSE 100 Index is expected [...]
Oil prices hit three week high as traders bet on the end of Chinese zero-Covid rules December 27, 2022 Oil prices hit a three-week high on Tuesday as China’s latest easing of COVID-19 restrictions spurred hopes of a fuel demand recovery, with further support coming from cuts to U.S. energy production caused by winter storms. China will stop requiring inbound travellers to go into quarantine, starting from Jan. 8, the National Health Commission said on Monday [...]
Hapag-Lloyd forecasts small increase in shipping demand towards year’s end December 13, 2022 Shipping giant Hapag-Lloyd has forecast a small and short-lived uptick in demand towards the year’s end. The world’s fifth-largest shipping company saw a decline in demand in September and October as the cost-of-living crisis weakened consumers’ appetite. “I don’t think the market is as weak as it was four or eight weeks ago,” chief executive [...]